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Note 3: Stakeholder engagement

[...] and dialog is vital to achieving our goals and to further developing our long-term vision and strategy in all areas of sustainability. Our key stakeholders are employees, suppliers, customers, investors, shareholder representative groups, NGOs and international organizations, governments, industry associations, sustainability rating agencies and communities. Based on the company strategy, emerging societal and business issues, and the outcomes of our materiality analysis, we identify the key topics and levels of engagement per stakeholder group, which can vary from pro-active engagement to providing information upon request. This section includes several 2014 [...]

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Strategic focus areas

As part of the corporate strategy development process we carried out in 2012, we identified five key focus areas. The following is a brief description of accomplishments in 2014, along with plans for 2015 and beyond for each of the five areas. Care for the customer AkzoNobel holds many market leadership positions. In order to maintain these positions, we have identified organic growth as one of our priorities. In 2014, we made some progress in terms of organic growth, with volume growth of 1 percent for the company as a whole. However, there is still considerable room for improvement. The starting point for organic growth is care for our customers. It begins with a [...]

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Note 5: Resource efficiency

[...] carbon footprint and 63 percent to our cost of sales. Raw material strategies The procurement strategy for the next few years is to move further beyond availability-price-synergy towards cross-functional sourcing, integration and value chain orientation. Buying on price will move towards total cost of ownership, while selected supplier relationships will move towards cooperation and partnering. We see this as a way to leverage the size and scope of our global business, our position with suppliers and to drive competitive advantage. A cross-functional approach with our key suppliers is now set as the standard in our updated key supplier management process. This [...]

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Strategic performance

In 2013, AkzoNobel announced a new vision, targets, core principles and values, and strategy. This meant that all the key strategic elements for the company and its Business Areas were in place at the start of 2014. Throughout the year, we therefore focused on strategy implementation and execution. Our strategy Strategic targets: 2014 performance How we created value in 2014 Risk management

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CEO statement

[...] we needed to adapt to. In terms of financial performance, we saw the first clear proof points that our strategy is working, despite the market headwinds. We achieved continuously improving return on sales and return on investment levels, while the introduction of several commercial excellence initiatives helped to prepare the company for organic growth. The cash position was slightly marred by an unfortunate isolated incident of external fraud in the US, but we remain on track to deliver on our 2015 targets. During the course of the year, we focused a lot of attention on transforming AkzoNobel into a more simplified and customer focused organization. The changes we [...]

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Risk management

Doing business inherently involves taking risks. By taking balanced risks we strive to be a sustainable company. Risk management is an essential element of our corporate governance and strategy development. We continuously strive to foster a high awareness of business risks and internal control, geared towards preserving our risk appetite and providing transparency in our operations. The Executive Committee is responsible for managing the risks associated with our activities and, in turn, for the establishment and adequate functioning of appropriate risk management and control systems (see Statement of the Board of Management in the Leadership section). Our risk [...]

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Supervisory Board

[...] supervising the achievement of the company’s operational and financial objectives, the corporate strategy, the design and effectiveness of the internal risk management and control systems, the main financial parameters, compliance with applicable laws and regulations and risk factors. The Supervisory Board advises the Board of Management and Executive Committee, while taking into account the interests of the AkzoNobel group and the company’s stakeholders. Major investments, acquisitions and functional initiatives are subject to Supervisory Board approval. Composition A list of current Supervisory Board members, including their biographies, can be found in the [...]

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Note 12: Our people

[...] of our people said that they have a clear understanding of how the values relate to the company strategy. Our performance-driven culture is supported by our Performance and Development Dialog process (P&DD), which is mandatory for all employees. The values are now fully integrated into this process, which means that they are a crucial part of the objective setting phase and mid-year review, as well as the year-end performance assessment. In addition to the performance score, a separate values score has been introduced which influences the overall P&DD rating. This rating influences the annual salary review, so employees are rewarded not only for what they [...]

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Performance Coatings

It was a year of driving performance improvement and we made good progress in implementing our strategy and reducing our cost base. Our focus on performance improvement and differentiated organic growth is showing results and we are on track to deliver on our 2015 operational objectives. Overall, we experienced slightly improved market conditions during 2014 with variations across segments and regions. Asia and North America showed continued growth, while Europe remained soft and Latin America continued to be challenging. During the year, we also created a new organization which is far more customer focused, agile and has clearer accountability. We re-engineered [...]

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Note 6: Capable engaged people

Suppliers and sourcing Working with our suppliers in order to create a sustainable supply base and deliver customer benefits, as well as improving resource efficiency, is a fundamental requirement of our strategy. This means that we have to work together effectively. We have supplier management programs in place that support both performance improvement and opportunities for joint developments. One specific project focuses on the introduction of renewable raw materials in our supply chains in collaboration with selected partners. Further information on our engagement with suppliers and the management processes is included in Note 7. Capable engaged employees [...]

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